DJ PJSC RusHydro: RusHydro Group announces its operating results for the 2Q 2019
PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro Group announces its operating results for the 2Q
2019
18-Jul-2019 / 12:20 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer / publisher is solely responsible for the content of this
announcement.
RusHydro Group announces its operating results for the 2Q 2019
July 18, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS, LSE:
HYDR; OTCQX: RSHYY) announces operating results for the 2nd quarter and 1st
half of 2019, of the parent company and subsidiaries of RusHydro Group
reflected in consolidated financial statements.
Key highlights:
- Operating results of 1H2019 results reflected decrease of output on the
back of high water inflows to the majority of reservoirs of the HPPs in
the same period of 2018. As compared to the 1st half of 2017 and 2016, the
decrease is less pronounced.
- Total water inflow in 1Q'19 to the reservoirs of the Volga-Kama cascade
was below the long-run average, while water inflow to the reservoirs in
the south of Russia was at the long-run average;
- In 2Q'19, total production by hydropower and pumped storage plants
amounted to 22,530 GWh (-20.9%), total output by thermal power plants -
6,998 GWh (+0.8%) and production of alternative renewable energy
facilities - 113 GWh (+0.1%);
- In 1H'19, total production by hydropower and pumped storage plants
amounted to 41,657 GWh (-17.7 %), total output by thermal power plants -
16,720 GWh (+1.2%) and production of alternative renewable energy
facilities - 217 GWh (-4.5%);
- Total electricity generation by the Boguchanskaya hydropower plant in
1H'19 amounted to 7,360 GWh (+19.4%)*;
- Total production of RAO ES East Subgroup's power plants in 1H'19
amounted to 18,196 GWh (+1.6%), heat output by thermal power plants -
16,800 thousand GCal (-4.9%);
- Sales by RusHydro Group's electricity retail companies in 1?'19 amounted
to 9,902 GWh (-5.8%);
- As of mid-July reservoirs of the Volga-Kama cascade are filled close to
the average level; Sayano-Shushenskoye reservoir is in the process of
being filled up to the average level as well; reservoir of Novosibirskaya
HPP is filled to the full reservoir level; reservoir of Bureyskaya HPP is
already filled to the maximum level.
Electricity generation by the plants of RusHydro Group, GWh
2Q'19 2Q'18 chg, 1H'19 1H'18 chg,% 1H' 1H'
%
19/17, 19/16,
% %
Center of 11,17 15, -25.6% 19,356 25,98 -25.5% -18.7% -13.9%
Russia 7 027 5
S. of Russia 2,146 2,4 -13.0% 3,315 3,608 -8.1% -4.0% -20.8%
and N. 68
Caucasus
Siberia 5,024 7,2 -30.6% 10,666 12,83 -16.9% -13.5% -13.4%
38 2
Total for the 18,34 24, -25.8% 33,337 42,42 -21.4% -15.8% -14.5%
price zones 7 734 5
Far East 3,522 3,2 9.9% 6,803 6,830 -0.4% -5.9% 1.4%
05
RAO ES East 7,563 7,4 1.5% 18,196 17,90 1.6% 10.3% 5.8%
53 8
Armenia 209 131 59.4% 256 194 31.9% 9.9% 18.7%
TOTAL 29,58 35, -16.7% 58,539 67,37 -13.1% -7.8% -7.2%
7 523 2
incl. by 22,53 28, -20.9% 41,657 50,60 17.7%
HPPs, PSPPs** 0 467 6
incl. by TPPs 6,998 6,9 0.8% 16,720 16,52 1.2%
43 5
Incl. by alt. 113 113 0.1% 217 227 -4.5%
renewables
(geothermal,
solar, wind)
Boguchanskaya 3 619 3,3 7.7% 7,360 6,164 19.4%
HPP 61
The underlying factors of the production change in the first half of 2019
were:
? water inflows to the reservoirs of HPPs on the Volga-Kama cascade and
Siberia below the normal level;
? water inflows to the reservoirs in the South of Russia at the long-run
average;
? growth of electricity generation by thermal power plants in the Far East
on the back of electricity consumption growth;
? growth of electricity sales to UES of Siberia from UES of the East by
32.8% (to 284 GWh) as compared to the same period last year.
Center of Russia
In the beginning of 2019, hydropower plants of the Volga-Kama cascade were
operating under the winter period regime of pre-flooding reservoir drawdown.
The water reserves of the cascade's reservoirs are higher by 17% and by 28%
as compared to the normal level and last year, respectively.
In the first quarter of 2018, inflow to most of the reservoirs on Volga and
Kama was close to the normal level. Total water inflow to the reservoirs of
the Volga-Kama cascade reached 24.9 km3 (normal level - 21.3 km3).
In the second quarter, water inflows to the reservoirs of the HPPs of the
Volga-Kama cascade were predominantly below the normal level: inflows to
Uglichskoye, Rybinskoye, Gorkovskoye and Nizhnekamskoye reservoirs were
20-40% below, inflows to Ivankovskoye, Cheboksarskoye and Saratovskoye
reservoirs were 60% below, while inflows to Volgogradskoye reservoir were
80% below the normal level. At the same time inflows to Sheksnskoye,
Kuybishevskoye, Kamskoye and Votkinskoye reservoirs were at the normal
level. In the second quarter of the year total water inflow to the
reservoirs of the Volga-Kama cascade amounted to 112 km3, which is 30% below
the normal level.
Total electricity production by the hydropower plants of the Volga-Kama
cascade and Zagorsksaya pumped storage in the second quarter of 2019
decreased by 25.6% to 11,177 GWh, in the first half of the year - by 25.5%
to 19,356 GWh as compared to corresponding period of 2018.
South of Russia and North Caucasus
Water inflow to the reservoir of Chirkeyskaya HPP in 1Q 2019 was 20% above
the normal level. Average daily water inflow to the reservoir of
Chirkeyskaya HPP in the months of January and February 2019 was 75.7 m3. The
HPP is operating under water economy regime to preserve high water level in
the reservoir as water reserves in the snow deposits of the Sulak River are
below the normal level.
In the second quarter of 2019, water inflow to Chirkeyskaya HPP was close to
the normal level. By the beginning of the third quarter water storage at the
reservoirs of the HPPS of the Sulak cascade were 5% above the normal level
and 4% above the level observed during the same period last year.
In 2Q 2019, total electricity production by the hydropower plants in the
South of Russia and North Caucasus decreased by 13% to 2,146 GWh as compared
to the corresponding period last year, in the first half of the year - by
8.1% to 3,315 GWh.
Siberia
Water inflow to the reservoirs on the rivers of Siberia in the first quarter
of 2019 was higher than normal level by 15%.
In the second quarter of 2019 water inflows to Novosibirskoye and
Sayano-Shushenskoye reservoirs was 20% below the normal level. By the end of
the spring flooding season the reservoir was filled to the normal reservoir
water surface of 113.5 m allowing enough water storage for the low water
season as well as for upcoming heating season.
Water inflow to the Sayano-Shushenskoye reservoir in the second quarter was
30% below the normal level as low air temperatures delayed the start of
spring flooding. By the end of June inflows increased significantly
following extra rainfall and snowmelt in the mountains allowing filling the
reservoir up to the normal level. Given the current hydrological situation,
electricity generation will increase going forward at Sayano-Shushenskaya
HPP.
Overall electricity production by the hydropower plants in Siberia decreased
by 0.9% in 2Q 2019 to 5,024 GWh and by 16.9% to 10,666 GWh in the first half
of the year as compared to the same period last year. Boguchanskaya HPP
produced 3,619 GWh in the second quarter of 2019 and 7,360 GWh in the first
half of the year an increase of 7.7% and 19.4% over the corresponding period
last year respectively.
Far East
The spring flooding season in the Far East is expected at the end of April -
beginning of May.
In the first quarter of 2019, water inflow to Kolymskoye and Zeyskoye
reservoirs was 25-40% above the normal level. Water inflow to the cross
section of Bureyskaya HPP decreased following a landslide that occurred in
December of 2018. The situation has been restored in February 2019 following
formation of an outlet. Since then 1.16 km3 of water has entered the segment
of the reservoir adjacent to the dam. In the first quarter of 2019, the
facility was operating under normal conditions, in the pre-flooding
reservoir drawdown regime.
In 2Q 2019, water inflow to Kolymskoye reservoir was 35% above the normal
level while inflow to the Zeyskoye reservoir is below the normal level.
Inflow to the Bureyskoye reservoir was 60% above the normal level. Up to 50%
of the inflow was accumulated in the reservoir. In the region of the
Bureyskoye reservoir flood is currently under way and the reservoir is
filled to the maximum level.
Total electricity generated by hydro and geothermal power plants in the Far
East (not included in the RAO ES East subgroup) increased by 9.9% in the
second quarter of 2019 and by 0.4% in the first half of 2019 to 3,522 GWh
and 6,803 GWh respectively against the same periods last year.
Total electricity generated by RAO ES East subgroup in the second quarter of
2019 amounted to 7,563 GWh, an increase of 1.5% as compared to the second
quarter last year. JSC Far Eastern Generating Company's (DGK) share of
electricity generated was 74% or 5,628 GWh, an increase of 0.2% against the
(MORE TO FOLLOW) Dow Jones Newswires
July 18, 2019 06:20 ET (10:20 GMT)
same period last year. Increase in electricity consumption in the Unified
Power System of the East by 3.4% to 10,522 GWh as well as increase in
electricity sales to China and UES of Siberia by 12.4% to 1,050 GWh were the
main drivers behind the growth.
In the first half of the year, total electricity generation by RAO ES East
subgroup increased by 1.6% to 18,196 GWh against the corresponding period of
2018. Increase is primarily driven by growth of electricity consumption in
the Far East Federal District by 1.3% to 24,627 GWh and increase of
electricity sales to UES of Siberia and China by 32.8% to 284 GWh against
the same period last year.
Heat output by thermal plants of RAO ES East Subgroup in the second quarter
of 2019 increased by 0.2% to 4,627 GCal as compared to the corresponding
period last year. In the first half of 2019 heat output decreased by 4.9%
against 1H 2018 to 16,800 GCal.
Heat output by thermal plants of RAO ES of the East Subgroup, '000 GCal
2Q'19 2Q'18 chg, % 1H'19 1H'18 chg,%
JSC DGK 2,878 2,993 -3.9% 11,12 12,41 -10.4%
4 3
JSC RAO 161 - - 494 - -
ES East
PJSC 321 318 1.0% 1,377 1,377 0.1%
Yakutske
nergo
JSC 12 14 -13.4% 46 52 -12.2%
Sakhaene
rgo
JSC 159 163 -2.5% 656 711 -7.7%
Teploene
rgoservi
ce
PJSC 434 438 -0.9% 1,187 1,178 0.8%
Kamchats
kenergo
JSC KSEN 14 17 -12.4% 48 47 3.3%
PJSC 241 253 -4.9% 717 716 0.1%
Magadane
nergo
JSC 89 92 -2.4% 240 240 0.3%
Chukoten
ergo
PJSC 318 330 -3.7% 911 925 -1.5%
Sakhalin
energo
Total 4,627 4,618 0.2% 16,80 17,65 -4.9%
0 9
Armenia
Electricity generation by the Sevan-Hrazdan cascade of hydropower plants in
Armenia in the second quarter of 2019 increased by 59.4% to 209 GWh, in the
first half of the year - by 31.9% to 256 GWh as compared to the
corresponding period of last year. The power generation by the plants of the
cascade is dependent on water inflows of the Hrazdan river and water
discharge from Sevan Lake.
Electricity retail
Total electricity output by RusHydro Group's energy retail companies in 2Q
2019 decreased by 2.0% to 10,715 GWh as compared to 2Q 2018, in 1H 2019
electricity output amounted to 25,263 GWh, a decrease of 3.5% as compared to
the corresponding period last year. The decrease came mainly on the back of
climate factor as well as termination of supply agreements with customers.
Total electricity output by RusHydro's retail companies, operating in
Chuvashia, Ryazan and Krasnoyarsk regions in the second quarter of 2019
decreased by 4.8% to 4,305 GWh as compared to 2Q'18. In the first half of
the year, total output decreased by 5.8% as compared to the corresponding
period last year and amounted to 9,902 GWh. Increase in output at ESC
RusHydro is driven by new supply agreements as well as increase in
electricity consumption by JSC Polyus Krasnoyarsk and Yandex DC Vladimir
LLC.
Electricity output by PJSC DEK (energy retail company operating in the
Primorskiy Krai, Khabarovskiy Krai, Amur region and Jewish Autonomous
region, the main supplier of electricity to the population in the second
non-price zone of the wholesale energy market) in the second quarter of 2019
amounted to 4,455 GWh, an increase of 2.4% as compared to 2Q'18. Favorable
performance is primarily driven by increase in consumption. In the first
half of the year electricity output decreased by 1% to 10,878 GWh as
compared to the same period last year as a result of climate factor and
termination of supply agreements with major customers.
Total electricity output by RusHydro's companies located in the isolated
energy systems in the Far East Federal District amounted to 1,955 GWh in 2Q
2019, a decrease of 5.3% as compared to the same period last year. In the
first half of 2019 total electricity output decreased by 4.1% to 4,483 GWh
as compared to the first half of 2018.
Electricity output by RusHydro Group's retail companies, GWh
2Q'19 2Q'18 chg, % 1H'19 1H'18 chg, %
PJSC 2,586 2,760 -8.0% 6,120 6,676 -8.3%
Krasnoyarskenergosbyt
JSC Chuvash retail 732 749 -2.3% 1,668 1,709 -2.4%
company
PJSC Ryazan retail 557 599 -6.7% 1,255 1,329 -5.6%
company
JSC ESC RusHydro 430 414 3.9% 859 801 7.3%
Total 4,305 4,523 -4.8% 9,902 10,515 -5.8%
PJSC DEK (for 4,455 4,349 2,4% 10,878 10,993 -1,0%
reference)
Isolated energy 1,955 2,064 -5,3% 4,483 4,676 -4,1%
systems (for
reference)
Total by Group 10,715 10,936 -2.0% 25,263 26,184 -3,5%
Water inflows forecast
According to the forecast of the Hydrometeorology Center of Russia, the
following dynamics of water inflows to the major reservoirs are expected in
the 3rd quarter of 2019:
? Total water inflows to the majority of reservoirs on Volga and Kama are
expected to be close to or slightly below the long-run average;
? Inflows to reservoir of the rivers of North Caucasus and Siberia for the
most part are expected to be close to long-run average;
? Inflows to Zeyskoe and Kolymskoye reservoirs in the Far East are
expected to be slightly below the long-run average, to Bureyskoye
reservoir - at the normal level.
*The Boguchanskaya hydropower plant is part of the Boguchanskiy Energy and
Metals Complex (BEMO), a 50/50 joint venture (JV) between RusHydro and UC
RUSAL, and is not part of RusHydro Group. According to RusHydro's
shareholding in the JV (50%), the results of the plant are reported in the
official financial statements in "Share of results of associates and jointly
controlled entities". Operations of the HPP have been put into the
press-release for general reference.
** Includes generation by HPPs of PJSC RusHydro, Kolymskaya HPP and
Viluyskie HPPs, part of RAO ES of East Subgroup.
About RusHydro
RusHydro Group is one of Russia's largest generating companies. RusHydro is
the leading producer of renewable energy in Russia with over 400 generating
facilities in Russia and abroad. The company also manages a number of R&D,
engineering and electricity retail companies. Group's thermal assets are
operated by subsidiary - RAO Energy System of East in the Far East of
Russia. Total electricity generation capacity of the Group is 39.4 GW, heat
capacity - 18.9 thousand GCal/h.
Russian Federation owns 60.56% in RusHydro, the rest is held by other
institutional and individual shareholders (over 360,000). The company's
stock is traded on the MICEX and RTS stock exchanges. Company's GDRs in the
IOB section of LSE, ADRs - in OTCQX.
For more information:
Investor Relations Department
Tel. +7 (800) 333 8000 ext. 1607, 1319, 1304
ir@rushydro.ru
The information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of RusHydro. You can identify forward looking statements by
terms such as "expect," "believe," "anticipate," "estimate," "intend,"
"will," "could," "may" or "might," the negative of such terms or other
similar expressions. We wish to caution you that these statements are only
predictions and that actual events or results may differ materially from
these statements. We do not intend to update these statements to reflect
events and circumstances occurring after the date hereof or to reflect the
occurrence of unanticipated events. Many factors could cause the actual
results to differ materially from those contained in our projections or
forward-looking statements, including, among others, general economic
conditions, our competitive environment, risks associated with operating in
Russia, rapid technological and market change in our industries, as well as
many other risks specifically related to RusHydro and its operations.
ISIN: US7821834048, RU000A0JPKH7
Category Code: MSCM
TIDM: HYDR
LEI Code: 2534005TJN9DX4YWVT97
OAM Categories: 2.2. Inside information
Sequence No.: 13914
EQS News ID: 843269
End of Announcement EQS News Service
(END) Dow Jones Newswires
July 18, 2019 06:20 ET (10:20 GMT)
